证券代码：002867 证券简称：周大生 公告编号：2025-041 周大生珠宝股份有限公司 关于与关联方共同投资设立合资公司暨关联交易 的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、对外投资暨关联交易概述 （一）对外投资基本情况 （三）审议程序 公司于 2025 年 9 月 6 日召开了第五届董事会第八次会议和第五届监事会第 八次会议，分别以 8 票赞成、0 票弃权、0 票反对和 3 票赞成、0 票弃权、0 票反 对的表决结果，审议通过了《关于与关联方共同投资设立合资公司暨关联交易的 议案》；关联董事周宗文、周华珍、周飞鸣对该议案回避表决。在该议案提交董 事会审议前，已经公司董事会独立董事专门会议第四次会议全票通过。 根据《深圳证券交易所股票上市规则》以及《公司章程》等相关规定，本议 案无需提交股东会审议批准。本次与关联方共同投资事项不构成《上市公司重大 资产重组管理办法》规定的重大资产重组，无需经过有关部门批准。 二、关联方及其他交易方基本情况 （一）关联方基本情况 周大生珠宝股份有限公司（以下简称"公司"或"周大生"）拟与无忧传媒 集团有限 ...

证券代码：002867 证券简称：周大生 公告编号：2025-040 周大生珠宝股份有限公司 第五届监事会第八次会议决议公告 1、审议通过《关于与关联方共同投资设立合资公司暨关联交易的议案》 经审议，监事会认为：本次公司与关联方共同投资设立合资公司，符合公司 的战略定位，对公司长期发展具有积极影响。本次交易事项的审议及表决程序符 合相关法律法规的规定。交易各方均以货币出资，交易遵循自愿、平等、公允的 原则，不存在损害公司及全体股东尤其是中小股东利益的情形。因此，同意公司 与关联方共同投资设立合资公司的事项。 《关于与关联方共同投资设立合资公司暨关联交易的公告》（公告编号： 2025-041）同日刊登在《中国证券报》、《证券时报》、《上海证券报》、《证券日报》 及巨潮资讯网（http://www.cninfo.com.cn）。 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 周大生珠宝股份有限公司（以下简称"公司"）第五届监事会第八次会议于 2025 年 9 月 6 日以现场会议方式召开。公司于 2025 年 9 月 3 日以书面方式向公 ...

周大生珠宝股份有限公司 表决结果：同意4票；反对0票；弃权0票。 经认真审阅，基于独立判断，我们认为：本次公司与关联方共同投资设立合 资公司，符合公司的战略规划，对公司的长期发展具有积极影响。本次关联交易 符合公司及全体股东的利益，不存在向关联方输送利益的情形，不存在损害公司 及其他股东，特别是中小股东利益的情形。 因此，我们一致同意该议案并提交至公司董事会审议。 第五届董事会独立董事专门会议第四次会议决议 周大生珠宝股份有限公司（以下简称"公司"）第五届董事会独立董事专门会 议第四次会议通知于2025年9月3日以通讯及电子邮件等形式送达全体独立董事， 会议于2025年9月6日以通讯方式召开。本次会议应出席独立董事4人，实际出席 独立董事4人。全体独立董事共同推举独立董事徐莉萍女士召集和主持本次会议。 本次会议的召集、召开和表决程序均符合《公司法》、《上市公司独立董事管理 办法》、《公司章程》及《独立董事专门会议工作制度》的有关规定。本次独立 董事专门会议发表相关说明及审核意见如下： 一、审议通过《关于与关联方共同投资设立合资公司暨关联交易的议案》 周大生珠宝股份有限公司 独立董事：陈绍祥、毛健、李启华、徐莉 ...

证券代码：002867 证券简称：周大生 公告编号：2025-039 1、审议通过《关于与关联方共同投资设立合资公司暨关联交易的议案》 董事会认为：结合公司未来的战略发展需求和正常经营需要，提升公司核心 竞争力，同意公司与无忧传媒集团有限公司（以下简称"无忧传媒集团"）、海 南金生无忧文化产业投资中心（有限合伙）（以下简称"海南金生无忧"）、公 司副董事长及副总经理周飞鸣先生共同投资设立合资公司，注册资本为人民币 5,000 万元。其中公司以货币方式出资人民币 2,250 万元，占注册资本的 45%； 无忧传媒集团以货币出资人民币 1,500 万元，占注册资本的 30%；海南金生无忧 以货币出资人民币 950 万元，占注册资本的 19%；周飞鸣先生以货币出资人民币 300 万元，占注册资本的 6%。 关联董事周宗文、周华珍、周飞鸣在审议该议案时已回避表决。该项议案已 周大生珠宝股份有限公司 第五届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 周大生珠宝股份有限公司（以下简称"公司"）第五届董事会第八次会议通 ...

Core Viewpoint - The company reported a significant decline in revenue for the first half of 2025, with a notable recovery in Q2, driven by improved profit margins despite challenging market conditions [1][4]. Revenue Summary - For H1 2025, the company generated revenue of 4.6 billion yuan, a year-on-year decrease of 43.9%, with a gross profit of 1.39 billion yuan, down 7.4%, and a net profit attributable to shareholders of 590 million yuan, down 1.3% [1]. - In Q2 2025, revenue reached 1.92 billion yuan, a year-on-year decline of 38.5%, while gross profit was 690 million yuan, down 3.2%. However, net profit for Q2 increased by 31.3% to 340 million yuan, exceeding expectations [1]. Revenue Breakdown - In Q2 2025, revenue from product categories showed a decline, with gold products at 1.3 billion yuan (down 46.9%) and embedded products at 160 million yuan (down 35.2%) [2]. - Revenue by channel indicated a positive trend in self-operated offline sales at 360 million yuan (up 9.1%) and online sales at 630 million yuan (up 2.6%), while franchise income fell to 840 million yuan (down 60.0%) [2]. - The decline in franchise revenue was attributed to high gold prices leading to store closures and reduced restocking frequency, with a shift towards designated suppliers [2]. Profitability Analysis - The gross margin for Q2 2025 improved to 36.1%, an increase of 13.1 percentage points year-on-year and 9.9 percentage points quarter-on-quarter, driven by rising gold prices and changes in revenue structure [3]. - The company's expense ratios for sales and management were 12.7% and 1.2%, respectively, with both showing year-on-year increases, but the absolute amounts decreased by 13% and 18% [3]. - The net profit margin for Q2 2025 was 17.7%, reflecting a 9.4 percentage point increase year-on-year, indicating strong profit performance [3]. Market Outlook and Valuation - The gold market experienced fluctuations, with jewelry and gold bar consumption down 24% and up 18% year-on-year, respectively. Despite challenges, the company adapted to high gold prices and changing consumer trends, achieving unexpected profit growth [4]. - The company is expected to see net profits of 1.11 billion yuan and 1.29 billion yuan for 2025 and 2026, respectively, with current stock prices reflecting a PE ratio of approximately 14x and 12x for those years, alongside a dividend yield of about 6% [4]. - The company is positioned for growth with a focus on expanding its direct sales channels and optimizing product structure, which is anticipated to outperform the industry as market conditions improve [4].

r/ Yr 莱绅通灵 45.00% 38.10% 34.17% 33.50% 30.00% 30.34% 23.81% 15.00% 8.68% 7.15% 0.00% 2022年中报 2023年中报 2024年中报 2025年中报 为速度和交易而生 上海报业集团主管主办 制图:孙罕颖 策划: 周颖 9月6日，国内部分品牌金饰价格突破1060元/克，其中周生生足金饰品标价1068元/克，较前一日1059元/克的价格上涨9元/克；老庙足金饰品 价格报1062元/克，较昨日1053元/克上涨9元/克。其余品牌足金饰品价格普遍维持在1060元/克的高位。 而随着上市公司中报落下帷幕，多家黄金饰品公司也交出"成绩单"，对比发现， 老铺黄金毛利率持续领先但小幅下滑，周大生、周生生毛利率 逆势提升。 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 下载财联社APP获取更多资讯 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company is experiencing revenue pressure in H1 2025, primarily due to high gold prices leading to conservative inventory purchases by franchisees and store closures. However, the company is actively adjusting its product category structure, increasing the proportion of high-margin products such as IP series, fixed-price gold, embedded products, and bracelets, resulting in a net profit growth of over 30% in Q2 2025 [5][12] - The comprehensive gross profit margin for H1 2025 is 30.3%, an increase of 11.96 percentage points year-on-year. The sales expense ratio is 10.8%, up by 4.34 percentage points year-on-year, and the net profit margin attributable to the parent company is 12.92%, an increase of 5.58 percentage points year-on-year [5][12] Financial Performance Summary - H1 2025 revenue is reported at 4.597 billion, a year-on-year decrease of 43.9%. The net profit attributable to the parent company is 594 million, a decrease of 1.3% year-on-year. In Q2 2025, revenue is 1.924 billion, down 38.5% year-on-year, while net profit is 342 million, up 31.3% year-on-year [11][12] - The company has outlined five strategic directions for the future: brand matrix development, new retail transformation, organizational change, deep digitalization, and brand expansion overseas. Significant investments will be made in these areas over the next two to three years [13] - Revenue forecasts for 2025-2027 are 11.738 billion, 12.971 billion, and 13.943 billion, with corresponding growth rates of -15.5%, 10.5%, and 7.5%. Net profit attributable to the parent company is projected at 1.110 billion, 1.213 billion, and 1.269 billion, with growth rates of 9.9%, 9.3%, and 4.6% respectively [14]

Group 1 - The jewelry sector increased by 1.72% on September 5, with Lao Fengxiang leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Key stocks in the jewelry sector showed significant price increases, with Lao Fengxiang rising by 5.12% to a closing price of 50.74 [1] Group 2 - The trading volume for Lao Fengxiang was 105,900 hands, with a transaction value of 529 million yuan [1] - Other notable performers included Feiya and Mankalon, which rose by 3.08% and 2.94%, respectively [1] - The jewelry sector experienced a net inflow of 9.56 million yuan from main funds, while retail investors contributed a net inflow of 37.96 million yuan [2]

金秋时节，天朗气清，鎏金岁月酝酿着醇厚的人文意蕴。值此礼序满盈、情意绵长之际，周大生经典深 溯华夏美学源流，以匠心为笔、文化为墨，臻选三大热销系列产品呈献于消费者面前。这些产品融汇千 年东方文脉与现代设计哲思，既是对东方非遗的致敬与延续，更是对生命中庄重时刻、真挚情感的礼 赞，为鎏金九月镌刻永恒的美学印记。 师道如竹：清姿傲然，礼赞儒哲风骨 九月因尊师重道之仪更显崇高，教育者以"虚怀若竹、清风自守"之姿，传业授道、点亮心智，其德行 者，堪为世范。周大生经典品牌循此精神内核，于"明心智慧"系列中匠心打造"清姿傲然"套系，以东方 美学语言致敬师者仁心，颂扬儒哲风骨。 "清姿傲然" 套系创作灵感，源自明代大儒王守仁 "格竹悟道"的经典哲思。竹，自古便是君子修身立德 的象征，承载着文人雅士的气节与追求。周大生经典以现代珠宝工艺重构这一东方意象，将竹之清劲、 竹之雅韵凝萃于珐琅与金工之中，成就形神兼备的传世之作。 工艺层面，产品采用高精密铸造机倒模与细腻喷砂双重工艺，确保线条流畅清晰，图案纹理层次分明， 呈现出丰富的视觉韵律。当蝴蝶造型的珠宝栖于衣襟鬓影之间，每一次光影闪烁都似福光流转，让东方 情致与现代风度在日常佩戴 ...

Core Viewpoint - The gold jewelry market is expected to see stable sales performance in 2025, driven by a low base effect and a stable gold price, despite a decline in consumption weight [1][2]. Group 1: Market Performance - In Q3 2025, gold prices stabilized after a 10% decline from a historical high, leading to a positive outlook for gold jewelry sales due to consumer expectations of rising prices and a low base effect from 2024 [1]. - The average gold jewelry consumption weight in China from 2013 to 2023 was 671.6 tons, with a significant drop to 532.0 tons in 2024, a year-on-year decrease of 24.7% [2]. - For 2025, the forecasted gold jewelry consumption weight ranges from 396.3 to 527.3 tons, indicating a year-on-year decline of 25.5% to 0.9% [2]. Group 2: Industry Trends - The industry is focusing on enhancing the value-added per gram of gold jewelry as a key strategy for overcoming challenges posed by low consumption weight [3]. - Retailers are increasing brand usage fees and optimizing product structures to improve gross margins, with examples including increases in processing fees and wholesale gross margins among major players [4][5]. - The industry is experiencing a shift towards high-margin products, with a notable increase in the proportion of high-end and lightweight jewelry [5][6]. Group 3: Consumer Demand and Brand Positioning - The gold jewelry market is structured into three tiers: mass-market, high-end, and luxury, each targeting different consumer needs and preferences [8]. - Online sales channels are becoming increasingly important, catering to younger consumers' preferences for fashionable and lightweight products [8]. - The first half of 2025 saw significant revenue growth for brands like Mankalon and Caibai, while others like Chow Tai Fook and Lao Feng Xiang experienced declines [9].